My advice is somewhere in between. I feel that your 16 year old son has probably learned a lesson.
My advice is to continue to let him drive the car, but maybe make him work to pay the fine.
You and your son could go to the track on Friday nights occasionally so he could race legally and relatively safely.
That would let you spend even more quality time with him and would set a good example as well.
Rev
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'66 Coupe, 306, 350-375 HP, C-4, 13.07 e.t., 104.8 mph, 1/4 mi.
O.B.C. #2
'66 coupe
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